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Paytm Money Launches Wealth, Investment Marketplace On Its Platform – Wealth Tech Digest #55

Key takeaways

✅ Paytm Money Launches Wealth, Investment Marketplace On Its Platform

For our first digest, Paytm Money is launching a curated advisory marketplace on its platform for wealth and investment advice. To start building up the advisory ecosystem, Paytm Money has partnered with startup WealthDesk to provide investment portfolios called ‘WealthBaskets’ as the first step. According to their statement, A ‘WealthBasket’ is a custom portfolio of stocks and ETFs created by SEBI-Registered investment professionals. Furthermore, users will be able to invest in multiple Wealthbaskets via the free starter pack or by subscribing to premium monthly packs available. Paytm Money CEO Varun Sridhar commented that this move is also to cater to investment activity by Gen-Z and millennial investors on the platform. With the expansion of the Advisory marketplace, investors will get everything they need to invest and grow their wealth in one app and will make Paytm Money a super app for wealth management in India. “This is expected to have a major appeal for young and millennial investors, who constitute more than 70 percent of Paytm Money’s User base,” the statement added. WealthDesk founder and CEO Ujjwal Jain said that the partnership with Paytm Money takes away the friction of percentage-based investment products. Other than that, it opens up wealth creation opportunities for every Indian. “WealthBaskets are back-tested for 20 years for their performance. Analysts create these baskets after extensive research of the company fundamentals and market conditions,” Jain said. He continued, “We are confident about building simplified and affordable wealth creation opportunities for millions of Indians.” Whether or not Paytm Money will reach its goals based on this venture is something that we will have to see gradually over time.

✅ Building A Tech-powered Boutique Experience For Mid-market Business Owners

For our next digest, CWB Wealth Management president and CEO discusses the multi-year digital growth strategy behind the firm’s new alliance with Conquest Planning. The latest development in Western Bank’s growth journey came with the news that it has formed a collaboration with Conquest Planning. With the announcement, CWB has put itself in a position to become the first schedule 1 bank in Canada to apply Conquest’s cutting-edge financial planning software. “The Conquest implementation is a tiny part of our multi-year digital strategy and technology roadmap.  But for us, it’s the perfect beginning,” Matt Evans, CWB Wealth Management’s president, and CEO told Wealth Professional in an interview. He adds, “It complements our established core strength in sophisticated financial planning for high-net-worth families.” CWB’s history in the private wealth space began in 2008 when CWB acquired Adroit Investment Management in Alberta. With the 2020 acquisition of TE and Leon Frazer, the lender significantly increased the scale of its operations and widened its presence across Canada. It should come as no surprise that business owners need more support than ever. According to a report on the Influence of COVID-19 on Small Business in Canada, 27% of businesses with 20 to 99 employees anticipated a decline in sales. According to Evans, CWB’s wealth arm is still in the pre-launch phase of its Conquest technology implementation. As of now, the bank is testing the platform with our advisor teams and customizing the suite of capabilities so that the most relevant features are made available to clients. The ability of the Conquest platform to hyper-personalize a client’s financial journey into several distinct yet interconnected objectives is one of its most valuable features.

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